Business Daily from THE HINDU group of publications
Thursday, Jun 18, 2009
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Business Daily from THE HINDU group of publications Thursday, Jun 18, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Markets
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IPOs 92 lakh equity shares of Rs 10 each – 11% of fully diluted post-issue paid-up capital Price to be decided through book-building Issue to close on June 26 Money raised to be used for setting up projects and expanding resorts Our Bureau Chennai, June 17 Mahindra Holidays & Resorts India Ltd, part of the Mahindra Group and one of the leading leisure hospitality providers in the country, is entering the capital market with an initial public offering of 92,65,275 equity shares of Rs 10 each at a price to be decided through the book-building route. The issue opens on June 23 and closes on June 26. The company has filed a Red Herring Prospectus with the Registrar of Companies. The issue comprises a fresh issue of 58,96,084 equity shares and an offer for sale of 33,69,191 equity shares by the promoter, Mahindra & Mahindra Ltd. The issue would constitute 11 per cent of the fully diluted post-issue paid-up capital of the company. The proceeds from the issue are expected to be deployed in the setting up projects and expansion of resorts, to provide a larger range of resorts, and hence a wider choice of holiday destinations to members, said a press release from the company. The global coordinator and book running lead manager is Kotak Mahindra Capital Company Ltd. The equity shares are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange. Mahindra Holidays offers family holidays primarily through vacation ownership. The cumulative member base increased to 92,825 in fiscal 2009 from 38,691 in fiscal 2006. As of May 31, 2009, Mahindra Holidays & Resorts has 96,067 members and 27 resorts across India and Thailand. More Stories on : IPOs | Resorts & Amusement Parks
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